I'm curious if most of you have separate checking and savings accounts for each property or just a separate account for your personal finances and one for all of your real estate? Do you use CDs for your security deposits and emergency reserves? Are their any banks that are better than others for business accounts? (I currently have access to USAA, Navy FCU, and several local Colorado Credit Unions.)
I was also curious if anyone is using dedicated real estate credit cards and how?
HI @Jason M. , I do not use separate accounts for my properties, but rather use a joint account for them and track income and expenses on a property-by-property basis.
I find it useful to use a credit card dedicated to real estate and one for other business. It's cleaner on the accounting side of things.
You should be familiar with real estate accounting if you:
Run a real estate agency.
Manage real estate for clients.
Handle the accounts of a housing association.
Run a building construction firm.
Manage an investment trust.
Provide residential sales.
I have 3 accounts...primary everyday checking for personal expenses, one for that all rental income and expenses, and another for security deposits. Best to keep things separate and avoid any issues with commingling of fund, especially if you're a licensed agent.